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What type of contract do I need? Me: Buying the car ~50K. Driver work/pay the car

New York, NY |

Driver loan money from me and the car is collateral. Driver operates the business 100% by himself and pay me MINIMUM $500.00 per week to be used toward the loan and when the loan is paid off, it will generate a surplus for me. this car should last 4-5 years. In good seasons, he can add more to the principal if he wish. If the car have any value left after the years "in service", should the rest value be split or is it mine or his? What I have a hard time to figure out is how to word it and what type of contract it is.

Thanks for any advice or input!

P.s I am not looking to just maximize my benefits with this agreement, I want it to be good for both parties.

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Attorney answers 1

Posted

I suggest you have a lawyer do this.

The above answer, and any follow up comments or emails is for informational purposes only and not meant as legal advice.

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